ICICI Prudential Mutual Fund Launches India's First Oil & Gas Sector ETF

Tags: National News

ICICI Prudential Mutual Fund (MF) has launched India's first Exchange-Traded Fund (ETF) focused on the oil and gas sector, named the ICICI Prudential Nifty Oil & Gas ETF.

An Overview of the News

• This open-ended ETF tracks the Nifty Oil & Gas Total Return Index (TRI), which reflects the performance of companies within the sector.

• Public subscription for this scheme began on July 8, 2024, and will close on July 18, 2024.

• After this period, the scheme will re-open for continuous sale and repurchase within five days from the date of allotment.

• The scheme carries a very high risk rating.

• There is no assurance or guarantee that the scheme's investment objective will be achieved.

• The fund is managed by Nishit Patel and Priya Sridhar.

ICICI Prudential Nifty Oil & Gas ETF Key Points:

• Investors can participate in the scheme with a minimum investment of Rs 100 per plan/option. Investments can be made in multiples of Re 1, with no upper limit.

• The scheme involves no "Entry Load" or "Exit Load." However, investors will be responsible for any brokerage charges incurred during the sale.

• The indicative allocation ranges from a minimum of 95% to a maximum of 100% of total assets.

• To maintain liquidity and manage short-term cash flow needs, the fund allows for a small allocation to money market instruments, including Treasury bills and Repurchase (TREPS), with a maximum limit of 5% of total assets.

ICICI Prudential Mutual Fund:

• Establishment - 1993

• MD & CEO - Nimesh Shah

• HQ - Mumbai